Credit: aohodesign/Adobe Stock Law Firms Look 'Stronger Than Ever,' Even Compared With Transactional Boom
Am Law 100 firms continue to see most of their growth in transactional work, while Second Hundred firms have found a "goldilocks" zone in both countercyclical and corporate work, according to a new Q2 report.
August 05, 2024 at 05:00 AM
5 minute read
The original version of this story was published on The American Lawyer
What You Need to Know
- Although M&A demand was down, corporate work overall was up, and litigation remained strong in Q2 this year, said a new report.
- The Law Firm Financial Index, a composite score of multiple drivers of firm profitability, reached one of its highest levels ever.
- Now, 'law firms are operating on more stable foundations which could allow them to sustain success far longer,' the report said.
With demand increasing in litigation and transactional practices, and jumps in productivity and billing rates, as well as slowing expense growth, law firms "look stronger than ever," according to new data from the second quarter of 2024.
The Q2 Law Firm Financial Index report from Thomson Reuters tallied a 2.4% increase in demand. That's led by strength in litigation work, which saw a 3.4% jolt in demand relative to Q2 last year, and resurgent corporate demand (2.2% up), plus 6.6% worked billing rate growth, a downward turn in both direct and overhead expenses, and even a slight boost (0.4%) in productivity.
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